Navigating Your Next Move

If you’ve been thinking about a move, you’ve probably asked yourself where you will move and how you will possibly work out the timing to sell and buy at the same time, in a market with very low inventory (and therefore very little to choose from). I am here to tell you there are many solutions to this challenge!

When you are thinking of selling with the intention of purchasing right away, I always recommend you start getting familiar with the homes on the market and their values. Although you may not yet be ready to buy, the more you are exposed to neighborhoods, values, and where the “sweet spots” are, the more prepared you will be to act decisively and aggressively when THE house hits the market when you are ready to write that offer. Don’t despair if you haven’t found THE one yet. It will come along at some point that’s the beauty of resale…we never know when that special gem that appeals to you will be available.

More times than not, through working together in scouring the inventory and seeking homes that are not yet on the market (but about to be), I am able to assist my clients in moving directly from their previous home to their new home. This takes a lot of mapping out and planning but happens more often than you would think! As is the case with tight inventory, often my clients’ homes are also in high demand and we are able to negotiate in their favor. Some of the different basic scenarios look like this:

1. Standard 30-day escrow with the seller renting back from the buyer for a period of time. This is usually not longer than 59 days after close of escrow due to lending guidelines, but it allows a Seller some extra time to find a replacement home. The challenge here is that we always need a “plan B” in case that home is not located in time to vacate and deliver the home to the new owners. “Plan B” usually consists of going in to a short-term rental or signing a 6 month lease (if possible). The positive is that the Seller has their money in the bank from the sale of their home and is free to shop with confidence.

2. Standard 30-day escrow with the seller renting back from the buyer for a period of time. This is usually not longer than 59 days after close of escrow due to lending guidelines, but it allows a Seller some extra time to find a replacement home. The challenge here is that we always need a “plan B” in case that home is not located in time to vacate and deliver the home to the new owners. “Plan B” usually consists of going in to a short-term rental or signing a 6 month lease (if possible). The positive is that the Seller has their money in the bank from the sale of their home and is free to shop with confidence.

3. Standard 30 (or 45) day escrow and, if a replacement home is not located and negotiated in time to close on both homes concurrently, plan on going in to short term housing

Vacation rentals are abundant in San Diego and are always my first suggestion for a period of a month or two. I personally know of a few right here in Kensington and Talmadge that I would be happy to refer you to. If you think it may take you a little more time, since vacation rentals can be pricey by the month, you may consider seeking out a 6-12 month lease, with the longer period of time obviously being less desirable as it limits you on your purchase timing.

I always say that there are 10 solutions to every problem and I LOVE helping find solutions for my clients! If you have been considering a move, please give me a call at 619-944-2798, or email me at Megan@MeganB.com. I would be happy to talk to you about some of the options that may work for you, too!